22450, 22600 ABOVE 22300; 22000 CONTINUES TO BE IMMEDIATE SUPPORT

 

22450, 22600 ABOVE 22300; 22000 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Nasdaq and S & P 500 rose 0.4% and 0.2% respectively while Dow fell quarter of a percent.

 

Durable goods orders tumbled 6.1% in January, worse than the downwardly revised 0.3% decline in December and the estimate for a drop of 5%. Conference board’s Consumer Confidence Index declined to to 106.7, which was lower than the downwardly revised 110.9 in January and below the estimate for 115.1.

 

U.S. 10-year treasury yield rose 2 bps to 4.303%. Dollar index was flat at 103.80. Gold too was unchanged at $2030 per ounce.

 

WTI crude future rose 1.7% to settle at $78.87 a barrel and Brent futures rose 1.4% to settle at $83.65 a barrel.

 

In Europe, DAX and CAC rose 0.8% and 0.2% respectively while FTSE was little changed.

 

AT HOME

 

Sensex and Nifty gained 0.4% and 0.3% respectively, snapping a 2-session losing streak. Sensex settled at 73095, up 305 points while Nifty added 76 points to finish at 22198. Nifty mid-cap index fell 0.1% while small-cap index gained 0.3%. Nifty Realty and Consumer Durables indices were the top gainers among the sectoral indices, up 1.1% and 0.9% respectively while Oil & Gas index was the top loser, down 0.7%, followed by 0.6% lower Media and PSU Bank indices.

 

FIIs net sold stocks and stock futures worth Rs 1509 cr and 1084 cr respectively but net bought index futures worth Rs 139 cr. DIIs were net buyers to the tune of Rs 2862 cr.

 

Rupee depreciated 1 paise to end at 82.90/$.

 

OUTLOOK

 

Today morning, Shanghai is up 0.2% while Nikkei and Hang Seng are down quarter of a percent each. GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 22000 continued to be immediate support while 22297, the top made last week, continued to be immediate hurdle.

 

Nifty, after touching a low of 22085, rebounded to end at 22198.

 

22297, the top made Friday, continues to be immediate hurdle, upon crossover of which, 22450, followed by 22600, would be next upside levels to eye; 22000 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 46300 is the immediate support, upon breach of which, 46000 and 45676, the 50% and 61.8% retracement levels of the recent upmove, would be next downside levels to eye; 47736, the 78.6% retracement level of the 48636-44429 fall, is the immediate target.